**Anthropic’s most recent priced equity round closed in May 2026 at a $965 billion post-money valuation following its $65 billion Series H.** Secondary-market prints and fund marks have since traded at modest premiums, with indications around $968 billion to as high as $1.36 trillion reported in early October, though no new primary round has reset the official figure. Revenue run-rate reached $65 billion by late July, supported by rapid enterprise adoption of Claude, yet the company continues to post substantial operating losses amid heavy compute spending. IPO preparations, including a confidential filing and Nasdaq listing plans, point to a potential $2 trillion target in November or later, but that timeline sits beyond the October 31 resolution. With only weeks remaining, trader sentiment hinges on whether any fresh secondary data, funding leak, or pre-IPO disclosure materializes in the interim to move the implied valuation across the market’s specific threshold.